近年來，臨時CEO的繼任計劃已成為公司治理領域越來越廣泛採用的繼任做法，然而，卻有研究指出，採用臨時CEO的繼任計劃可能會使高階管理團隊成員遭遇碎片化的危機，導致公司競爭力下降或發展停滯；臨時CEO的繼任計劃也使該臨時CEO面臨經營績效表現、個人未來職涯升遷等誘因，因而較容易實行盈餘管理來美化盈餘。故本研究嘗試以會計領域的角度，去探討臨時CEO與投資者盈餘品質認知之間的關聯。本研究之樣本期間為1995年第一季至2021年第四季，實證結果顯示，當公司將常任CEO更換為臨時CEO時，盈餘反應係數會隨之下降，表示投資人對臨時CEO任職期間的盈餘品質存有較高的疑慮。橫斷面測試說明，盈餘反應係數下降的主因來自投資人對管理階層可能實行盈餘管理的擔憂，進一步橫斷面測試發現，若公司之財報是由會計師產業專家查核或公司之審計委員會為高財務專家比率者，則可減緩投資人的擔憂。穩健性測試，確認了分析師預測的時點，並使用另一衡量方式計算未預期盈餘，實證結果仍然穩健。

In recent years, the interim CEOs succession plan has become a widely adopted practice in the field of corporate governance. However, research suggested that the adoption of the interim CEOs succession plan may pose a crisis of fragmentation for members of the top management team, leading to a decline in the company's competitiveness or developmental stagnation. The interim CEOs succession plan also exposes the interim CEOs to incentives such as operational performance and future career, making them more prone to engaging in earnings management to embellish financial results.

Therefore, this study attempts to explore the relationship between interim CEOs and investor perceptions of the earnings quality from an accounting perspective. The sample period for this study spans from the first quarter of 1995 to the fourth quarter of 2021. The empirical results indicate that when companies replace its permanent CEOs with interim CEOs, the earnings response coefficient decrease, suggesting that investors have higher concerns about the earnings quality during the interim CEOs’ tenure.

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